ProShares is launching an exchange-traded fund that will solely invest in companies that mine for metals needed for batteries used in products such as electric vehicles and consumer electronics, according to Simeon Hyman, the firm’s global investment strategist. The ProShares S&P Global Core Battery Metals ETF
ION,
will begin trading on the NYSE Arca Thursday, Hyman said by phone. “The focus is on the miners of lithium, nickel and cobalt,” he said. “Those are super critical to putting together lithium ion batteries.”
The new ETF targets companies that supply the raw metals for batteries used in electric vehicles, laptops, smartphones and energy storage devices, according to ProShares. Hyman said the fund provides exposure to the “dramatic increase in demand for these end uses.” The ProShares ETF tracks the…